What is a Business Services Surety Bond?
Business Services Bonds are a type of surety bond issued to protect customers against potential losses incurred through unethical actions of your employees. Regardless of how thoroughly you have looked into the background and history of your employees, there is no absolute guarantee that they will always behave in an honest manner while at work. Business Services Surety Bonds ensure that any customers who are wronged by your business or employees receive compensation for their losses. These surety bonds guarantee your ability to pay any losses amounting to the face value of the bond. Business Services Surety Bonds are recommended for any business where employees are entrusted to handle large amounts of cash or other valued assets.
What types of businesses need this Surety Bond?
Some of the business types include, but are not limited to:
- Janitorial Services
- Cleaning Services
- In-Home Care Services
- Exterminators
- Moving companies
- Subcontractors
Along with providing your customers with this reassurance, being issued this surety bond also sets your company apart from competitors who do not offer such extensive coverage to their customer base.
How much do Business Services Bonds cost?
Depending on your industry and employee count, the amount of coverage needed can vary. Unlike most bonds, Business Services Bonds are not a requirement on the state or federal level, and it is at the owner’s discretion to obtain the desired coverage.
In some cases, when a contract is involved for a commercial business, a minimum bond amount required will be outlined.
Business Services Bond Rates:
Pacific Surety offers business service bond amounts varying from $2,500 – $100,000. Once your application is submitted, a quote with pricing should be quickly generated. Below is a spreadsheet outlining costs for all bond options. Please feel free to contact us directly with any specific questions about the process or pricing.
| Amount of Coverage |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $2,500 | $5,000 | $7,500 | $10,000 | $12,500 | $15,000 | $20,000 | $25,000 | $30,000 | $40,000 | $50,000 | $75,000 | $100,000 | |
| # of employees | |||||||||||||
| 5 or less | $100 | $100 | $107 | $115 | $150 | $150 | $154 | $171 | $184 | $210 | $235 | $282 | $328 |
| 6 | $100 | $100 | $112 | $125 | $150 | $150 | $165 | $185 | $199 | $226 | $254 | $314 | $351 |
| 7 | $100 | $101 | $118 | $135 | $150 | $157 | $178 | $200 | $214 | $243 | $272 | $335 | $374 |
| 8 | $100 | $108 | $126 | $145 | $157 | $168 | $191 | $214 | $229 | $260 | $291 | $358 | $398 |
| 9 | $100 | $115 | $135 | $155 | $163 | $180 | $204 | $228 | $244 | $277 | $309 | $378 | $419 |
| 10 | $101 | $122 | $143 | $164 | $178 | $191 | $217 | $242 | $259 | $294 | $328 | $399 | $442 |
| 11 | $106 | $129 | $153 | $174 | $189 | $202 | $230 | $257 | $275 | $310 | $346 | $421 | $465 |
| 12 | $112 | $136 | $161 | $184 | $200 | $214 | $242 | $271 | $290 | $327 | $365 | $442 | $488 |
| 13 | $118 | $143 | $170 | $194 | $210 | $225 | $255 | $285 | $305 | $344 | $383 | $463 | $510 |
| 14 | $123 | $150 | $178 | $204 | $221 | $237 | $263 | $299 | $320 | $361 | $402 | $485 | $533 |
| 15 | $129 | $157 | $187 | $214 | $232 | $248 | $279 | $314 | $335 | $378 | $421 | $506 | $556 |
| 16 | $135 | $164 | $195 | $224 | $242 | $259 | $294 | $328 | $350 | $395 | $439 | $527 | $579 |
| 17 | $140 | $172 | $204 | $234 | $253 | $271 | $307 | $342 | $365 | $411 | $458 | $549 | $602 |
| 18 | $146 | $179 | $212 | $244 | $264 | $282 | $319 | $356 | $380 | $428 | $476 | $570 | $624 |
| 19 | $152 | $186 | $221 | $254 | $274 | $294 | $332 | $371 | $395 | $445 | $495 | $592 | $647 |
| 20 | $157 | $193 | $230 | $264 | $285 | $305 | $345 | $385 | $411 | $462 | $513 | $613 | $670 |
| 21 | $163 | $200 | $238 | $274 | $296 | $316 | $358 | $399 | $426 | $479 | $532 | $634 | $693 |
| 22 | $169 | $207 | $247 | $284 | $307 | $328 | $371 | $413 | $441 | $496 | $550 | $656 | $716 |
| 23 | $174 | $214 | $255 | $293 | $317 | $339 | $383 | $428 | $456 | $512 | $569 | $677 | $738 |
| 24 | $180 | $221 | $264 | $303 | $328 | $351 | $396 | $442 | $471 | $529 | $587 | $699 | $761 |
| 25 | $186 | $228 | $272 | $313 | $339 | $362 | $409 | $456 | $485 | $546 | $606 | $720 | $784 |